Present and Future Applications of the Internet of Things

Monetizing IoT

Based on survey responses, only 65 percent of IoT applications were reported as having generated revenue. However, developers seemed to believe that focusing on services around managing and utilizing valuable user data, rather than the specific apps themselves, will be the best way to monetize the Internet of Things. Backend-as-a-system (BaaS) and platform-as-a-system (PaaS) options have flooded the market recently, enabling ease of access to the data generated by smart devices. According to the survey, 80 percent of IoT applications are expected to make money by 2018.

The Internet of Things (IoT) can be simply defined as an interconnection of uniquely identifiable, embedded computing-like devices within the Internet infrastructure, but the term and dictionary definition often only limit future applications of the technology. A recent IoT industry survey by New Harbor Research and commissioned by Progress found that nearly half of the developers who were surveyed are building IoT applications right now, and nearly three-quarters of them are excited by the technology's potential. This growing industry trend is evidenced by the vast array of smart devices, connected appliances and wearables along with accompanying applications currently on the market.

The survey asked developers about their thoughts on where the Internet of Things is headed. Topics ranged from the commercial reality and future potential of the IoT to developers' biggest concerns and challenges as well as the opportunities for innovation currently available. Also discussed were the most popular operating systems and platforms for IoT development, and leading IoT industries today and looking forward.

A surprisingly diverse number of opinions were revealed about the current status of IoT adoption, where it will be in the future, and how to leverage it today.

Here are the top five compelling patterns that developers are seeing emerge in the Internet of Things space.

Regardless of the pace at which businesses adopt the IoT, ITSM will have to evolve to deal with IoT-driven changes such as more connected nodes, data points and automation, all of which add complexity. ... More >>

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